GOLD continue to move as part of growth and have left the limits of the downward channel. At the time of the publication of the forecast, the price of Gold is 1907 Dollars per Troy Ounce. Moving averages indicate the presence of a short-term bearish trend. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the asset and a potential continuation of growth already from current levels. At the moment, we should expect an attempt to develop a correction and test the support level near the area of 1865. Where should we expect a rebound upwards and continued growth in the price of Gold with a potential target above the level of 2015.
GOLD Forecast and analysis March 16, 2023
An additional signal in favor of a decrease in XAU/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option of falling Gold prices on March 15, 2023 will be a strong growth and a breakdown of the level of 1845. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1795. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing prices above the level of 1955.
GOLD Forecast and analysis March 16, 2023 suggests an attempt to develop a price correction and a test of the support area near the level of 1865. Further, the continued growth of non-ferrous metal quotes with a target above the level of 2015. Cancellation of the option of raising Gold prices will be a fall in the value of the asset on the markets and a breakdown of the level of 1845. This will indicate a continued fall in the price of GOLD with a potential target below the level of 1795.
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